Last week’s 2.74% drop in the Nasdaq Index (QQQ) adds to the already poor October performance for stocks. Markets fell sharply because of growing uncertainties in the upcoming U.S. elections.

Rising Covid-19 cases in the United States, Europe, and worldwide are also causing angst. Investors decided to lock in gains and to bet against the short-lived September-October rebound. In the technology sector, Fastly’s (NYSE:FSLY) weak third-quarterly revenue of just $71 million, up 42% Y/Y, put valuations into question. The content delivery network provider also guided Q4 revenue below consensus ($80-$84M compared to the $82.3M consensus). It will lose up to 12 cents a share in the period.

Fastly’s 53% loss from 52-week highs pulled Limelight Networks (NASDAQ:LLNW) lower, although Limelight also posted poor quarterly results. Leading tech stocks like Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), and Twitter (NYSE:TWTR) all fell post-earnings.

Investors with skilled stock selection will get rewarded this quarter. For example, those who bet that Snap (NYSE:SNAP) and Pinterest (NYSE:PINS) would benefit from the summertime boycott of Facebook and Twitter will fare well enough. Conversely, investors who bought the technology index, betting on FAANG strength will get punished.